OPTION AGREEMENT is made and entered into this _____ day of
____________, 20_____ by and between __________________________,
hereinafter referred to as "Optionor/Seller" and
__________________________, hereinafter referred to as
that for and in consideration of ten dollars ($10.00) and/or
_________________ and the mutual promises and covenants hereinafter
set forth, the parties hereto agree as follows:
OPTION TO PURCHASE REAL PROPERTY: Optionor/Seller grants unto
Optionee/Buyer the exclusive right to purchase the real property
described exhibit "A" annexed hereto including all personal
property, appliances, attachments and fixtures except:
All other charges required by lender which Buyer is prohibited from
paying by law or regulation.
following items shall be prorated at closing:
DELIVERY OF TITLE: Optionor/Seller does hereby certify and represent
that they have the legal authority and capacity to convey the
property with all improvements;
] At the time of closing, Optionor/Seller shall deliver marketable
title to the then Optionee/Buyer by General Warrantee Deed, in fee
simple, free of all encumbrances except for restrictions and
easements of record.
] To secure performance of this agreement, all documents necessary
for the transfer of title shall be executed within 30 days of the
execution of this Option Agreement, and held in escrow with an escrow
agent chosen by Optionee/Buyer, such costs to be borne by [ ]
Optionee/Buyer [ ] both parties.
ACCESS: Optionee/Buyer shall have immediate access to the property
and keys provided to begin showing the property to perspective buyers
on a 1 hour notice basis.
EXTENSION OF OPTION PERIOD: Upon payment of $____________,
Optionee/Buyer shall have the right to extend this option by ______ [
] days [ ] months, under the same terms and conditions.
NOTICE OF EXERCISE: This option may be exercised at any time during
the option period as described above with notice to Optionor/Seller.
At such time a binder deposit shall be paid by Optionee/Buyer in the
amount of $____________ and placed in escrow to be credited towards
the purchase price herein. This option may then be extended up to
______ days to facilitate closing.
OTHER ENCUMBRANCES: Optionor/Seller representing that the following
liens and encumbrances currently exist on the property:
covenants that he will not further impair or encumber the property
without Optionee/Buyer's express written permission. In the event
Optionor/Seller defaults on the payment of any of said security
instruments, Optionee/Buyer shall have the right to cure and/or
satisfy said security instruments, and, in this event, shall be
entitled to an 18% interest on actual expenses incurred in doing so.
ASSIGNMENT: Optionee/Buyer shall be permitted the right of
assignment of this option.
NON-CIRCUMVENTION: Optionee/Buyer may send potential buyers to the
property for the purpose of resale of the subject property or the
assignment of this option agreement. At no time will Optionor/Seller
make any offer to sell, option or in any way bargain with any such
buyer procured by Optionee/Buyer. Any such agreement for sale or
option is hereby declared to be null and void and of no force or
effect by Optionor/Seller.
OPTIONOR'S RIGHT TO MARKET AND CANCELATION: Optionor/Seller shall
have the uninhibited right to market the subject property to a buyer
not procured by Optionee/Buyer, during the term of this option
agreement. If Optionor/Seller shall procure a buyer prior to the
Optionee/Buyer exercising this option as provided for herein,
Optionee/Buyer shall have the option to immediately exercise said
option, subordinate this option agreement to Optionor/Seller's buyer,
or cancel this option agreement, provided such buyer was not procured
BINDING AGREEMENT: This Agreement shall be binding upon the parties
hereto and their respective heirs, administrators, successors, and
ENFORCABILITY: The undersigned parties acknowledge that they have
read and understand all of the provisions of this agreement. Should
any provision of this Option be found to be invalid or unenforceable,
the remainder of the Option shall not be affected thereby and each
term and provision herein shall be valid and enforceable to the
fullest extent permitted by law.
GOVERNING LAW: This agreement and all transactions contemplated
hereby, shall be governed by, construed and enforced in accordance
with the laws of the State of _________________. In the event that
litigation results from or arises out of this Agreement or the
performance thereof, the parties agree to reimburse the prevailing
party's reasonable attorney's fees, court costs, and all other
expenses, whether or not taxable by the court as costs, in addition
to any other relief to which the prevailing party may be entitled.
me personally appeared __________________________________. He/She is
personally known to me or has produced
____________________________________________ as identification, and
who executed the foregoing instrument, and acknowledged to and before
me that they executed said instrument for the purposes therein
my hand and official seal in the state and County aforesaid, this
_____ day of ________, 20____.
Commission Expires: _________________
Of Real Property
known as street address: